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Representative money is a type of currency that represents a claim on a commodity, which can be redeemed for that commodity. Unlike Fiat money, which has value by government decree, representative money derives its value from the physical asset it represents, such as gold or silver. An example includes gold certificates that could be exchanged for a specific amount of gold. This system helps facilitate trade by providing a convenient medium of exchange while still being tied to tangible assets.
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Why is representative money more useful than commodity money?
What is the difference between commodity money and representative money
What is the difference between fiat money and representative money?
the difference between representative money and fiat money is that?A)representative money can be converted into silveror gold;fiat money cannot.B)representative money is worth more per dollar than fiat money; which is actually worthless.C)fiat money is counted in coins; representative money is counted in paper.D)fiat money is mre traditional than representative money,which is a newer concept. :)
Is the type of money used in the US commodity money representative money or fiat money?
puppys
What are objects that have value in themselves and that are also used as money?
Representative money
Which is an example of representative money?
an IOU note
Which is a power of the house of representative?
money bills
How does representative money compare to commodity money?
Representative money is a type of currency that represents a claim on a commodity, such as gold or silver, allowing holders to exchange it for that commodity, while commodity money is actual physical goods with intrinsic value, like gold coins or silver bars. Unlike commodity money, representative money does not have intrinsic value itself; its value is derived from the trust that it can be exchanged for a specific amount of a commodity. This distinction allows representative money to be more flexible and practical for everyday transactions.
What is the difference between representative money and commodity money?
A) Commodity money consists of objects used as money that contains their own value, but representative money is a specific group of the commodity objects. B) Commodity money consists of objects that have value in and of themselves, but representative money makes use of objects because the holder can exchange them for something else of value. C) Representative money allows objects to be exchanged for something else, but commodity money has value because the government decreed it is an acceptable means to pay debts. D) Representative money consists of objects that have value in and of themselves, but commodity money makes use of objects because the holder can exchange them for something else of value The answer is B.
What is the house of Representative jobs?
they aprove money spent for taxes
What are the responsibilities of sale representative?
to take care of money and to get funds
Which of these does not describe representative money?
it only has value because the government says it does
What form of money has value only because the government says it does?
representative money (A+) -Emmy aka Hello Kitty Fiat Money (A+) -Hailey
